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Trade Costs, Trade Balances and Current Accounts: An Application of Gravity to Multilateral Trade

Fazio, Giorgio; MacDonald, Ronald; Melitz, Jacques - CESifo - 2005

In this paper we test the well-known hypothesis of Obstfeld and Rogoff (2000) that trade costs are the key to explaining the so-called Feldstein-Horioka puzzle. Using a gravity framework in an intertemporal context, we provide strong support for the hypothesis and we reconcile our results with...

Persistent link: https://www.econbiz.de/10005765966

Sustainability of Swiss Fiscal Policy

Kirchgässner, Gebhard; Prohl, Silika - CESifo - 2006

and cointegration tests for federal revenues and expenditures, taking into account a structural shift in the budgetary …

Persistent link: https://www.econbiz.de/10005766311

Did US Consumers 'Save for a Rainy Day' Before the Great Recession?

Anundsen, André Kallåk; Nymoen, Ragnar - CESifo - 2015

The ‘saving for a rainy day’ hypothesis implies that households’ saving decisions reflect that they can (rationally) predict future income declines. The empirical relevance of this hypothesis plays a key role in discussions of fiscal policy multipliers and it holds under the null that the...

Persistent link: https://www.econbiz.de/10011278934

Fiscal Sustainability of the German Laender - Time Series Evidence

Burret, Heiko T.; Feld, Lars P.; Köhler, Ekkehard A. - CESifo - 2014

]run relation between expenditures and revenues in a cointegration analysis within each Land. The results provide evidence against …

Persistent link: https://www.econbiz.de/10011067196

Europe Agreements and Trade Balance: Evidence from Four New EU Members

Caporale, Guglielmo Maria; Rault, Christophe; Sova, Robert - CESifo - 2011

This paper analyses the trade balance effects of Europe agreements (EA) between the EU-15 and four new EU members from Central and Eastern Europe (CEEC-4) using both static and dynamic panel data approaches. Specifically, the system Generalized Method of Moments (GMM, Blundell and Bond, 1998)...

Persistent link: https://www.econbiz.de/10008833883

Budgetary and External Imbalances Relationship: A Panel Data Diagnostic

Afonso, António; Rault, Christophe - CESifo - 2009

We assess the cointegration relationship between current account and budget balances, and effective real exchange rates …, using recent bootstrap panel cointegration techniques and SUR methods. We investigate the magnitude of the relationship … panel cointegration tests used allow for within and between correlation, while the SUR results show both positive and …

Persistent link: https://www.econbiz.de/10005765818

Understanding the Emergence of Public Debt

Fochmann, Martin; Sadrieh, Abdolkarim; Weimann, Joachim - CESifo - 2014

We use a controlled laboratory experiment with and without overlapping generations to study the emergence of public debt. Public debt is chosen by popular vote, pays for public goods, and is repaid with general taxes. With a single generation, public debt is accumulated prudently, never leading...

Persistent link: https://www.econbiz.de/10010877837

Privatisation and Institutions: A Cross Country Analysis

Bortolotti, Bernardo; Siniscalco, Domenico; Fantini, … - CESifo - 2000

Privatisation, i.e. the transfer of ownership and control of state-owned enterprises, is a worldwide phenomenon. Which political, economic and institutional factors are shaping this process? This paper addresses the issue presenting new evidence from a sample of 49 countries. From an empirical...

Persistent link: https://www.econbiz.de/10005765761

Bootstrap Panel Granger-Causality between Government Budget and External Deficits for the EU

Afonso, António; Rault, Christophe - CESifo - 2009

We investigate the existence of Granger-causality between current account and government budget balances over the period 1970-2007, for different EU and OECD country groupings. We use the panel-data approach of Kónya (2006), which is based on SUR systems and Wald tests with country specific...

Persistent link: https://www.econbiz.de/10005051497

Energy Use and Economic Growth in Africa: A Panel Granger-Causality Investigation

Arouri, Mohamed El Hedi; Youssef, Adel Ben; M'Henni, Hatem - CESifo - 2014

We make use of a bootstrap panel analysis of causality between energy use and economic growth for a sample of sixteen African countries over the period 1988-2010. Our results show that growth and energy use are strongly linked in Africa. However, African countries are heterogeneous and there is...

Persistent link: https://www.econbiz.de/10010877974